NCLT approves JSW Steel-AION resolution plan for debt-laden Monnet Ispat

Monnet Ispat and Energy has an outstanding debt of around Rs 114 billion

The Mumbai Bench of the National Company Law Tribunal (NCLT) on Thursday approved the resolution plan for debt-laden Monnet Ispat and Energy, submitted by the JSW Steel-AION Investments Pvt II Ltd consortium, making it the third resolution under the Insolvency and Bankruptcy Code (IBC) from the Reserve Bank of India’s (RBI’s) first list of non-performing assets (NPAs). 

The resolution plan was approved by the Committee of Creditors was approved by the NCLT with modifications on Thursday, the company said. It is awaiting the written order of the National Company Law Tribunal (NCLT).

The consortium had offered Rs 28.75 billion to acquire the